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The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
It is not unusual for an individual to serve as trustee alongside a bank trustee. Both individual and corporate trustees may charge fees for their services, [33] although individual trustees typically serve gratis when they are part of the settlor's family or the settlor him/herself. The term "co-trustee" may fool either the bank trust officer ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
Negative aspects of using a living trust as opposed to a will and probate include upfront legal expenses, the expense of trust administration, and a lack of certain safeguards. The cost of the trust may be 1% of the estate per year versus the one-time probate cost of 1 to 4% for probate, which applies whether or not there is a drafted will ...
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In 2019, the Kentucky Supreme Court created a Business Court Docket Pilot project in the Jefferson County Circuit Court, effective January 1, 2020. [1] Circuit judges serve in eight-year terms. There are 57 circuits, which may have one or more judges, depending on the population and docket size.
The companies are controlled by the son of West Virginia Gov. Jim Justice. Justice companies have faced other allegations of unpaid fines and taxes in Kentucky.
Devise – testamentary gift of real property. Devisee – beneficiary of real property under a will. Distribution – succession to personal property. Executor/executrix or personal representative [PR] – person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes ...
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